Sec. 9402.
The existence of a security interest, agricultural lien, or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor's acts or omissions.
History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1978, Act 369, Eff. Jan. 1, 1979 ;-- Am. 1980, Act 53, Imd. Eff. Mar. 27, 1980 ;-- Am. 1988, Act 130, Eff. Sept. 1, 1988 ;-- Am. 1989, Act 216, Imd. Eff. Nov. 27, 1989 ;-- Am. 1998, Act 489, Imd. Eff. Jan. 4, 1999 ;-- Am. 2000, Act 348, Eff. July 1, 2001
Structure Michigan Compiled Laws
Chapter 440 - Uniform Commercial Code
Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)
Article 9 - Secured Transactions (440.9101...440.9994)
174-1962-9-4 - Part 4 Rights of Third Parties (440.9401...440.9410)
Section 440.9401 - Alienability of Debtor's Rights.
Section 440.9402 - Secured Party Not Obligated on Contract of Debtor or in Tort.
Section 440.9403 - Agreement Not to Assert Defenses Against Assignee.
Section 440.9404 - Rights Acquired by Assignee; Claims and Defenses Against Assignee.
Section 440.9405 - Modification of Assigned Contract.
Section 440.9408a - Repealed. 2000, Act 348, Eff. July 1, 2001.
Section 440.9409 - Restrictions on Assignment of Letter-of-Credit Rights Ineffective.
Section 440.9410 - Repealed. 2000, Act 348, Eff. July 1, 2001.